Over the last five or 6 years …How Much Does It Cost To Renew Papaya Global Payroll… roles on the provider side and likewise on the supplier side from a payroll viewpoint so really eagerly anticipating this conversation today um and yeah thank you very much for your time everybody alright thanks Johnny uh we’ll simply offer everyone another number of uh well one of the 30 seconds or two to join we all work back to back nowadays so we’ll kind of let them do that so it ‘d be quite interesting and I can see it going on currently just to hear where everyone is um it’s nice to to sort of like see where everybody comes from and I truly do hope it’s much sunnier than it is in the UK today definitely not the peak of the sunlight is it it’s not no it’s it’s drizzling here it’s extremely extremely gloomy and I wish I was somewhere else at this moment in time fine so let’s begin our program for today is as follows um we are going to be looking at the obstacle years of managing Worldwide payroll why companies preserve separate
checking account payroll virtual wallets versus payroll checking account payroll payroll uh sorry papaya payroll payments forecasting payroll expenses utilizing virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise discuss a wrap-up and that should leave his time at the extremely very end for a q a session so as the title of the webinar suggests payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global labor forces become more and more typical and handling them ends up being a growing number of complicated Global organizations are looking to discover Solutions and new ways to simplify procedures specifically from a payroll and cross-border payment perspective numerous organizations maintain separate checking account just for payroll while some have several accounts in various nations does it make sense for companies to maintain separate bank accounts in some cases in various countries it does however just for payroll exists a much better method what function do virtual accounts and digital wallets also referred to as virtual wallets play in assisting international companies enhance the episode complex procedures of
making payroll payments precisely effectively safely and on time throughout this webinar we’ll stroll you through the worldwide advantages and disadvantages of a payroll wallet versus a payroll savings account how companies precisely forecast their payroll expenses to increase working capital and how simplifying Global payroll payments can turn them from a siled pane into a strategic asset so payroll can be difficult in enough in one nation but when you’re doing it worldwide it’s next level and Beyond it ends up being complicated for a variety of reasons most importantly regulations compliance data security and banking guidelines then there are the large numbers they include additional complexity the global Workforce is currently 3 and a half billion people by 2030 it’s estimated that in Africa alone they will contribute and additional 1.1 billion people that number is currently 500 million just for for a scale then factor in that there are some 230 million organizations and growing all doing their own thing all over the world in the standard payroll design there’s typically an overwhelming number of various systems causing lengthy manual procedures and silos the number of Combinations could be non-existent in big amounts and or extremely extremely basic there’s no real consistency framework we’re residing in an era of tech but payroll has been sluggish to get on board in fact as much as 25 of payroll is still done by hand frequently with pen and paper which just blows my mind each time I I think
about it to provide you an idea of how far there still is to come according to Deloitte only 11 of services state they have Labor force information in real time that’s another number that gives me sleep deprived nights and quite honestly the more a business invests in global payroll the less of a photo they see an absence of visibility likewise reaches payroll payments and inability to properly track these payments can result in compliance mishaps in the last mile of the transaction nearly half of international companies have expressed that they do not have the level of standardization they need in their procedures or desire and as a result eighty percent of errors are because of time reporting bad HCM information data entry mistakes poorly interacted hires and terminations as well as lack management and system setups and after that when you round everything off and the information is delivered to the wrong location the average expense of a worldwide information breach at this moment is 3.9 billion dollars when payrolls are done we still need to move the cash all over the world payroll and payments do not run smoothly if they count on the essential numerous processes systems and partners it is just not possible so Johnny from a payments viewpoint and in your experience what else requires to be factored into the challenges service face when they’re making payments to workers or otherwise that’s a good concern I always toss this back and state what is it what does not require to be consisted of ideal and what does
it require to be considered there’s varying Bank details so the length of an eye band a swift an account number routing code per nation there’s payment timespan there’s payment abilities so can you pay it from International or do you need to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look right eventually developing a knowledge base is absolutely important but everywhere you look with payroll payment they are like very payments no if but some infants about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are absolutely essential and technology is permitting us to kind of progress with that it likewise also to contribute to that payroll and financing need to work closer together um with varying Savings account Details differing banking requirements and setup procedures is absolutely necessary that payroll and finance groups work closer together than ever um I’m constantly impressed when individuals state I have actually split payroll and payment um if you stroll down the street and asked anyone what is payroll who does not operate in the payroll profession would they divide the payroll payment from computation I would say no so why do we as a market accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people any place they are but also paying statutory authorities and on statutory third parties so with the
world we live in and well-being being more and more important to contribute to kind of the level of complexity there’s more and more advantages being organ or being provided by services across the world so once again you’re simply seeking to add more and more payments to this already intricate landscape so if you type of got any experience well I’m from your huge experience here and I make sure however have you got any experience in kind of genuine challenges or real tough type of pay utilizes to play to pay individuals I think yeah I mean over the last well yeah a couple of decades I would certainly say that the larger an organization gets the more it tends to segregate the payroll and the payments operates um there are teams doing one part of the task there are groups feeding details into the next function as it were that’s actually handling the payment side of things but you understand in in my opinion and my experience that doesn’t necessarily require to be the case you know long gone are the times where we require to create extra handoffs while doing sos that we run in they simply make them more timely they make them less effective and they do not make them what they need to be in in an era of tech and a period that you know that we are working in today there is no reason we are still making this as tough as it requires to be concurred and rightly as you stated payroll is the single greatest liability that any organization has from an expense point of view from an impact viewpoint on employees it is absolutely critical that it’s done correctly and on time so what we indicate by that is not a day before not a day after on pay day and payments need to be done right it has the most significant destructive result on people’s wellness and numerous other aspects if individuals aren’t paid uh I have actually always been impressed coming into this Market type of the last five to ten years is how little thanks the
payroll team get um so I’m not sure anyone on this type of webinar has actually been told thank you for processing my payroll properly if you have it ‘d be fantastic to hear your success story and whether that’s been from all workers or not um however ultimately payroll is such an important cycle all of us find out about it when it goes wrong everybody jumps up and down when it goes wrong however when it goes right it’s just a tick box workout and I think that’s how it’s seen from the external view as well um so yeah it’s likewise like why WI-Fi Global why all of this things is absolutely important that all of this stuff is done properly so leveraging the first International Payments first payroll payment option is a fantastic primary step um supplying an end-to-end payroll service for your employees internationally once again I believe is another huge um process once again lining up and ensuring you have standardization Worldwide procedures all of those things are definitely essential to success success of companies and reducing the number of tools platforms and checking account they require for their Global payroll too could not agree with you more and on the the front in regards to of the thank yous for getting payroll done I have actually never ever had a hundred thousand of them within a payroll cycle don’t expect to you do get the odd 5 or 10 or whatever it might be with the with the the complaints where things haven’t gone rather where they’re implied to be um I don’t believe any of us are actually doing that for for the thanks
anyway we understand how how essential a role it is which’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everyone that’s associated with those procedures and also so think of sorry I’m just I was just gon na state imagine the amount of thanks you got if you might cover the amount of people that we cover within this webinar I’m sure we’re speaking about numerous thousands possibly Millions imagine getting that numerous thank you keeps in mind um I imply it ‘d be interesting to see the number of Post-it notes you got however it would certainly be an interesting task trying to clean up all those up for sure oh definitely I can’t think of the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and kind of shot to return to everyone so proceeding appearance why do companies choose to primary different savings account there are How Much Does It Cost To Renew Papaya Global Payroll services out there doing exactly this for particular nations and I have actually operated in a company or many organizations doing precisely that I can state it doesn’t constantly feel efficient and it does create more work I understand we’re not intentionally doing that we’re not producing extra work for any person where we do not have to and anyone that’s handling that procedure I ‘d be interested to hear your thoughts Johnny why do you believe that we’re doing that in in the in the amount that we are I think numerous reasons one is it’s the requirement I think people have actually got so used to we require a brand-new bank account we open an entity and appropriately so you need it for payroll purposes but there are a variety of markets where it’s not a requirement so I think it’s simply been the standard and the standard individuals have actually embraced and continue to do over years and years gone past to contribute to that people have looked at things like trust accounts and many other methods um to to type of do it so I believe there’s a variety I think this is a process that needs looking at it needs changing but eventually individuals are really stuck to what they’re familiar
with best um modification is a hard thing we all don’t like change um so I believe it’s simply type of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend undoubtedly the advantages of having keeping several savings account however there’s a huge amount of complexity chooses setting up a checking account maintaining it guaranteeing it can send International transfers guaranteeing it’s established with the right user accesses for specific individuals so the intricacy is huge but I think the sincere response is modification um people haven’t had the ability to change or have not had necessarily the understanding to truly make that change into alternate Solutions other than opening a bank account I think you’ve hit the nail on the head I believe it is understanding you know and there is an aspect of resistance to change but we’ve constantly done it that way is no real reason for not looking at the the advantages and the possibilities of proceeding and moving into you understand what could practically be determined to be the next Century or two there is a lot to keep an eye on and this approach does posture numerous challenges um so Johnny could you inform us about those challenges yeah obviously so there’s a range right there is so
I recently made a modification to our Business system by transitioning to OS. As a result, we can now manage our payroll and payment tasks on one platform. It feels like our CFO has gained another CFO, and with this boosted ability, I have actually effectively secured payments for our 10,000 workers worldwide. Your dedication to mastering international payroll and payments utilizing Papaya payroll OS is commendable. You deserve a corner office with a parking space that is closer, considering your accomplishments. How Much Does It Cost To Renew Papaya Global Payroll